Wheat futures are crashing to their lowest levels in six weeks on Tuesday, driven by good weather conditions that are helping crops. But the ample supplies are not being scooped by millers because they are likely expecting prices to come down even further.
May wheat futures tumbled $0.095, or 2.23%, to $4.1725 per bushel at 15:29 GMT on Tuesday on the Chicago Board of Trade (CBoT). Wheat prices have plunged nearly 5% in the last week, adding to their
According to the US Department of Agriculture (USDA), 64% of the US winter wheat crop has been rated to be in
Production is anticipated to drive the market in the
However, the output momentum may slow down because of weather. This week, rain is expected to pound the Midwest, which could expand river flooding woes and threaten farmers’ operations. Ultimately, spring plantings might experience a delay, affecting both production and inventories.
The early data suggests that US spring wheat planting totaled just 13%, which is immensely below the
In other agricultural commodities, July corn futures slipped $0.0275, or 0.76%, to $3.5875 per pound. July soybean futures fell $0.0725, or 0.84%, to $8.535 per pound. July coffee futures tacked $0.01, or 1.08%, to 93.65 cents per pound. July orange juice futures plummeted $0.02, or 1.88%, to $1.003 a pound.
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